Russia’s Rosneft cuts February base oil exports to China by 24%

SINGAPORE (ICIS)--Russia’s Rosneft is planning to reduce its base oil exports to China by 24% month on month to about 8,300 tonnes in February, a Chinese importer said on Thursday.

The February supply consists of 4,700 tonnes of low-viscosity products and 3,600 tonnes of high-viscosity products, all produced by Rosneft’s refinery at Angarsk in Russia, the importer added.

The prices of Russian cargoes are expected to rise in February in China with demand recovering, traders said, adding that most lubricant producers will start restocking after the Lunar New Year holiday to meet consumption peaks in March-May.

The week-long holiday starts on 22 January

Rosneft expects to export a total of 11,000 tonnes of Group I base oils to China in January, traders said.